Posted on Wednesday, 9th June 2010 by Heather Powell
Question:
I co-signed for my son’s auto loan and he has been making the payments faithfully for a year but its not on his credit report. Shouldn’t it appear there and not just on mine. If so what can we do to correct this?
Answer:
The Federal Credit Reporting Act requires a person furnishing any information relating to a consumer to any consumer reporting agency to report accurate (Section 623(a)(1)), complete and updated information (Section 623(a)(2)).
If the vehicle dealer is making an incomplete report to the credit bureaus, then the dealer is not in compliance with the FCRA.
Tags: Credit, Credit Reporting
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